Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1887-09-07
MIR. Spencer ana the u. Is @. R. II.


Vice President Spencer, OF the Baltimore
and Ohio Railroad, was in New York for a
short time yesterday. He spent some time
at Dfexel, Morgan & Co.'S He was asked
about the statement that no was Mr.. Gar
tett's successor.
cit is premature" said Mr.. Spencer.
"But il it correct, Mr.. Spencer?"
at is premature" replied Dir. Spencer
"Indeed, the very statement that MIR. Gar
rett intends to resign is premature"
SIS it incOrrect?"
at is premature" and thst was ali Mr..
Spencer would say on tho autiect Of his &C
cession to the Office. But ha spoke freely
to the effect that the loan was tor the best
intdle sts of Baltimore and of the road, and
| he denied that the Pennsylvania would con
| troll the Baltimore and Ohio. IN answer to
| the question whether is was possible that
| if enough shares of tina Blitim0:e and Ohio
stock were sold by the present holders and
outside parties 30 enable the now holders
to control the road, the present contract
would be broken, Mr.. Spencer replied That
no such contingency was likely 80 arise, and
that even il it did the terms Of tho present
contract would BIO adhered to under all cir
cumstances.
Mr.. J. Pcrropont Morgan was unusually
| reticent on the acceplabilily Of Mr.. Spencer
as president, but from the fact that he
spt Ike of Mr.. Sponcar's abilities and railroad
ca; acities in the highest terms, it is gener-
ally inferred that he would not object to
Mr. Spencer Il ia stated that Mr.. Edward
| Lauterbach, counsel for the syndicate, will
proceed at once to make an investigation of
the Baltimore and Ohio's condition, as
provided for in the first clause Of the
preliminary contract. Besides the float-
ing debt, it is believed the company has
bonded debt of $50 COO 900, and 500, ,000
of bonds besides, secured by like amount
of bonds on branch roads and 81 500, 900 of
East Side Railroad bonds 1t ia thought
that Mr. Gould will not Offer his price of
three millions for the telegraph until he can
buy at the same time the Postal, tho COM
mercial Cable and all other compt titors Of
the Western Uuion and thus at one sweep
destroy all competition and absolutely rule
tho telegraph field.
Mr.. Spencer in another interview made
the following additional statement:
"What foundation" was asked, "is there
for the statement that your road has passed
into Ina con;ro! Of the syndicate, of which
MIR. Pitrrepont Morgan is the head, and
how tar will that control extend ?"
1.-The statement is absolutely without
foundation. The syndicate does not want
capital. Il simply desires that the same re-
lations shall exit between tho Baltimore
and Ohio ami the other trunk lines that now
obtain between, say the Pennsylvania Rail.
road aud The Reading, and the Erie and the
New Yoik Centrsi"
Mr.. Spencer said that This had been dis
tiuctly reatlirmed Yesterday morning in a
conversation with Mr. Morgan. Harmony
aud cooperation do not msap," be said,
The subserreucy Of any one intere 1t. The
same syndicate practically funded the float
ing debt of the Erie Railway, and no sub.
S arviency to New York Central power
TIE same bankers backed the
Reading reorganization, but there has been
no succumbing to Pennsylvania Railroad |
La fact, both these CON-
panies, which were in far weaker
positions than the Baltimore and Ohio.
are stronger and much better able to
protect thsir interests, develop their re.
sources aud serve the communities along
their respective lines, by reason of their as.
with the strong EloDeyed powers of
this country and EnglaDd. The syndicate
has the greatest interest now in the growth
and progress of the Baltimore and Ohio. and
to secure this growth and progress, absolute
of other corporate predomi-
nance is essential, aud the road must be
worked in the interest Of the cities and tor
rtorq ii reaches"
This condition Of harmony" he added,
is easily obtanable, and is rs much in the
interest Of the Baltimore aud Ohio as of any
other line
There il no agreement or stipulation that
he Reading AID New Jersey Central con-
ii. IL, pnIt;..,r.. q nd OHM shnll In |